India’s UPI Needs Reform, Not US Pressure: Bloomberg Opinion

US entanglement in India’s regulatory weeds is becoming a prickly political issue for New Delhi. At stake is India’s 10-year-old Unified Payments Interface, which facilitates transfers via phone numbers or merchant QR codes, moving money instantaneously from one bank account to another. PhonePe, a Walmart Inc.-owned app, and Alphabet Inc.’s Google Pay control 80% of transactions. Prime Minister…